Bellecapital International Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Bellecapital International Ltd. reported 128 stock positions worth $562.2 million. Its top holding was Alphabet Class A (GOOGL) at 6.8% of the portfolio, followed by Apple (AAPL, 5.6%) and Advanced Micro Devices (AMD, 4.9%). Compared with Q3 2025, it opened 11 new positions, sold out of 14, added to 36 and reduced 40. The biggest buy was Synopsys (SNPS, shares +1478%) and the biggest sale Arista Networks (ANET, shares −36%).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001600152
Portfolio Value
$562.2M (Q4 2025)
SEC Filing
0001600152-26-000001 ↗ filed Feb 2, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $447.0M Q1 2024 Q2 2024: $465.2M Q2 2024 Q3 2024: $499.2M Q3 2024 Q4 2024: $559.8M Q4 2024 Q1 2025: $500.7M Q1 2025 Q2 2025: $559.5M Q2 2025 Q3 2025: $616.8M Q3 2025 Q4 2025: $562.2M $562.2M Q4 2025 Q1 2026: $554.3M Q1 2026 Q2 2026: $625.4M Q2 2026

Holdings 128 stocks · $562.2M
GOOGL Alphabet Inc. Class A 6.80% 122,121 $38.2M Reduce -6.5%
AAPL Apple Inc. 5.56% 114,884 $31.2M Reduce -3.2%
AMD Advanced Micro Devices 4.94% 129,684 $27.8M Reduce -23.6%
TSM Taiwan Semiconductor-SP ADR 4.92% 91,102 $27.7M Reduce -18.7%
MSFT Microsoft Corp. 4.66% 54,138 $26.2M Reduce -17.8%
TRS Trimas Corp. 4.32% 685,855 $24.3M No change
ANET Arista Networks Inc. 3.41% 146,414 $19.2M Reduce -35.5%
WMT Walmart Inc. 3.34% 168,686 $18.8M Reduce -17.2%
REGN Regeneron Pharmaceuticals 3.17% 23,109 $17.8M Reduce -16.8%
BKNG Booking Holdings Inc. 3.09% 3,248 $17.4M Reduce -0.9%
MELI MercadoLibre Inc. 3.03% 8,449 $17.0M Reduce -19.2%
XMTR Xometry Inc. Class A 3.02% 285,900 $17.0M Reduce -44.4%
SNPS Synopsys Inc. 2.97% 35,563 $16.7M Add +1477.8%
COST Costco Wholesale Corp. 2.72% 17,740 $15.3M Reduce -25.2%
META Meta Platforms Inc. Class A 2.72% 23,145 $15.3M Add +193.1%
ABBV Abbvie Inc. 2.63% 64,754 $14.8M Reduce -1.6%
SPGI S&P Global Inc. 2.63% 28,307 $14.8M Reduce -12.9%
AMZN Amazon.com Inc. 2.53% 61,685 $14.2M Reduce -0.4%
ADBE Adobe Inc. 2.24% 36,055 $12.6M Reduce -31.6%
SHOP Shopify Inc. Class A 2.19% 76,626 $12.3M Reduce -5.2%
FAST Fastenal Co. 1.98% 277,137 $11.1M Reduce -1.2%
BRK.A Berkshire Hathaway Inc. Class A 1.88% 14 $10.6M Reduce -22.2%
TMO Thermo Fisher Scientific Inc. 1.56% 15,127 $8.8M Reduce -1.6%
TSCO Tractor Supply Company 1.44% 161,940 $8.1M Reduce -1.6%
NVDA Nvidia Corp. 1.29% 39,035 $7.3M Add +4.2%
GLD SPDR Gold Shares 1.08% 15,280 $6.1M Reduce -18.0%
PFE Pfizer Inc. 1.07% 241,175 $6.0M Add +14.2%
BRK.B Berkshire Hathaway Inc. Class B 1.05% 11,699 $5.9M Add +0.0%
UNH Unitedhealth Group Inc. 1.02% 17,337 $5.7M Add +5.4%
CPRT Copart Inc. 0.99% 142,180 $5.6M Reduce -26.7%
NFLX Netflix Inc. 0.91% 54,399 $5.1M Reduce -3.2%
IBIT iShares Bitcoin Trust ETF 0.80% 90,489 $4.5M Add +20.3%
MO Altria Group Inc. 0.71% 69,039 $4.0M Reduce -0.9%
IAU iShares Gold Trust 0.69% 47,997 $3.9M Reduce -0.9%
ADP Automatic Data Processing 0.60% 13,040 $3.4M Reduce -49.2%
GOOG Alphabet Inc. Class C 0.60% 10,664 $3.3M Reduce -74.2%
JNJ Johnson & Johnson 0.56% 15,189 $3.1M Add +7.7%
ISRG Intuitive Surgical Inc. 0.56% 5,512 $3.1M Add +1.9%
KO The Coca-Cola Co. 0.47% 38,169 $2.7M Add +8.2%
CSCO Cisco Systems Inc. 0.39% 28,548 $2.2M Add +17.3%
ZM Zoom Communications Inc. 0.34% 22,211 $1.9M Reduce -3.2%
LLY Eli Lilly & Co. 0.33% 1,726 $1.9M Reduce -0.5%
TSLA Tesla Inc. 0.33% 4,120 $1.9M Reduce -0.6%
MCD McDonald's Corp. 0.32% 5,906 $1.8M Add +29.8%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.31% 21,659 $1.7M Add +1.8%
FWONK Liberty Media Corp. Class C 0.31% 17,725 $1.7M No change
VCIT Vanguard Int-Term Corporate 0.29% 19,624 $1.6M Add +4.4%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.27% 15,995 $1.5M No change
PM Philip Morris International 0.26% 8,984 $1.4M Reduce -1.1%
DUK Duke Energy Corp. 0.25% 11,986 $1.4M Add +0.9%
MSTR Strategy Inc. 0.24% 9,045 $1.4M Add +179.2%
AMAT Applied Materials Inc. 0.22% 4,835 $1.2M Add +74.8%
AVGO Broadcom Inc. 0.22% 3,548 $1.2M Add +0.9%
LULU Lululemon Athletica Inc. 0.20% 5,525 $1.1M No change
PG The Procter & Gamble Co. 0.20% 7,783 $1.1M Add +84.1%
PAGS Pagseguro Digital Ltd. Class A 0.18% 107,179 $1.0M Reduce -40.6%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.18% 9,173 $1.0M No change
MEAR Ishrs Short Mat Muni Act ETF 0.18% 19,908 $1.0M No change
SBUX Starbucks Corp. 0.18% 11,693 $985K Reduce -13.5%
PSX Phillips 66 0.17% 7,536 $972K Add +144.4%
ASML ASML Holding NV-NY Reg SHS 0.16% 841 $900K No change
ORCL Oracle Corp. 0.16% 4,499 $877K Add +118.6%
FICO Fair Isaac Corp. 0.16% 518 $876K Add +16.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.15% 2,922 $866K Add +37.6%
PFF iShares Preferred & Income S 0.15% 27,000 $836K No change
PYPL PayPal Holdings Inc. 0.15% 14,153 $826K Reduce -20.9%
XOM Exxon Mobil Corp. 0.12% 5,801 $698K Add +28.9%
HD Home Depot Inc. 0.12% 1,924 $662K Add +63.9%
RBLX Roblox Corp. Class A 0.12% 8,130 $659K No change
XLK SS Technology Select Sector 0.11% 4,460 $642K No change
SLV iShares Silver Trust 0.11% 9,741 $628K No change
UBER Uber Technologies Inc. 0.09% 6,335 $518K Add +9.8%
QCOM Qualcomm Inc. 0.09% 3,022 $517K Add +56.2%
IGIB iShares 5-10Y Inv Grade Corp. 0.09% 9,336 $503K No change
VRT Vertiv Holdings Co. Class A 0.09% 3,056 $495K No change
CRM Salesforce Inc. 0.09% 1,837 $487K No change
PANW Palo Alto Networks Inc. 0.08% 2,565 $472K Add +33.9%
JPM JPMorgan Chase & Co. 0.08% 1,407 $453K Add +12.6%
V Visa Inc. Class A 0.08% 1,281 $449K Add +21.0%
IUSV iShares Core S&P U.S. Value 0.08% 4,291 $440K No change
FCX Freeport-McMoran Inc. 0.07% 8,107 $412K No change
TFPN Blueprint Chspk Ma Trend ETF 0.07% 14,366 $369K Reduce -2.8%
FIX Comfort Systems USA Inc. 0.06% 387 $361K No change
BABA Alibaba Group Holding-SP ADR 0.06% 2,285 $335K No change
MRK Merck & Co. Inc. 0.06% 3,024 $318K Add +3.7%
CLS Celestica Inc. 0.05% 751 $305K New
MA Mastercard Inc. Class A 0.05% 534 $305K New
BX Blackstone Inc. 0.05% 1,951 $301K No change
MFUT Cambria Chesapeake Pure TRND 0.05% 17,878 $292K Reduce -3.0%
AXP American Express Co. 0.05% 783 $290K No change
ECL Ecolab Inc. 0.05% 1,100 $289K No change
IVV iShares Core S&P 500 ETF 0.05% 421 $288K No change
CVX Chevron Corp. 0.05% 1,875 $286K Reduce -7.2%
HG Hamilton Insurance Grou Class B 0.05% 10,157 $283K No change
BN Brookfield Corp. 0.05% 6,133 $281K New
GILD Gilead Sciences Inc. 0.05% 2,278 $280K No change
RSG Republic Services Inc. 0.05% 1,302 $276K Reduce -21.9%
NOW ServiceNow Inc. 0.05% 1,800 $276K Add +9.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 396 $270K No change
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,371 $269K No change
IXN iShares Global Tech ETF 0.05% 2,508 $263K No change
SO The Southern Co. 0.05% 3,000 $262K New
ORI Old Republic Intl Corp. 0.05% 5,713 $261K No change
ABT Abbott Laboratories 0.05% 2,075 $260K Add +3.8%
CDNS Cadence Design SYS Inc. 0.05% 813 $254K Add +27.2%
CSX CSX Corp. 0.05% 7,000 $254K No change
FEZ State Street SPDR Euro Stoxx 0.04% 3,890 $250K No change
APP AppLovin Corp. Class A 0.04% 366 $247K New
ADI Analog Devices Inc. 0.04% 907 $246K Add +4.6%
CR Crane Co. 0.04% 1,322 $244K No change
EXPE Expedia Group Inc. 0.04% 860 $244K New
LOW Lowe's Cos Inc. 0.04% 1,000 $241K New
EWL iShares MSCI Switzerland ETF 0.04% 3,855 $231K No change
OHI Omega Healthcare Investors 0.04% 5,200 $231K No change
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $227K No change
DDOG Datadog Inc. Class A 0.04% 1,620 $220K Add +4.7%
CW Curtiss-Wright Corp. 0.04% 396 $218K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 1,137 $217K No change
CEG Constellation Energy 0.04% 612 $216K No change
UNP Union Pacific Corp. 0.04% 931 $215K No change
MWA Mueller Water Products Inc. Class A 0.04% 8,869 $211K No change
ULS Ul Solutions Inc. Class A 0.04% 2,660 $210K New
VTR Ventas Inc. 0.04% 2,708 $210K New
IEFA iShares Core MSCI Eafe ETF 0.04% 2,332 $209K No change
THG Hanover Insurance Group Inc./ 0.04% 1,122 $205K New
GL Globe Life Inc. 0.04% 1,434 $201K New
F Ford Motor Co. filed as FORD MTR CO 0.03% 12,859 $169K Reduce -34.9%
GNS Genius Group Ltd. 0.00% 32,000 $18K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 1,147,000$1.1MReduce -32.0%

Total filed on the 13F, all lines: $563.4M.

Portfolio Sells Q3 2025 → Q4 2025
ANET Arista Networks Inc. Reduce -35.5% 3.41% −1.95
XMTR Xometry Inc. Class A Reduce -44.4% 3.02% −1.52
FISV Fiserv Inc. Sold out 0.00% −1.40
GOOG Alphabet Inc. Class C Reduce -74.2% 0.60% −1.04
MELI MercadoLibre Inc. Reduce -19.2% 3.03% −0.93
MSFT Microsoft Corp. Reduce -17.8% 4.66% −0.88
COST Costco Wholesale Corp. Reduce -25.2% 2.72% −0.84
ADBE Adobe Inc. Reduce -31.6% 2.24% −0.77
ADP Automatic Data Processing Reduce -49.2% 0.60% −0.63
CPRT Copart Inc. Reduce -26.7% 0.99% −0.42
GRMN Garmin Ltd. Sold out 0.00% −0.40
BRK.A Berkshire Hathaway Inc. Class A Reduce -22.2% 1.88% −0.32
FAST Fastenal Co. Reduce -1.2% 1.98% −0.25
NFLX Netflix Inc. Reduce -3.2% 0.91% −0.18
TSM Taiwan Semiconductor-SP ADR Reduce -18.7% 4.92% −0.15
PAGS Pagseguro Digital Ltd. Class A Reduce -40.6% 0.18% −0.11
VZ Verizon Communications Inc. Sold out 0.00% −0.10
TSCO Tractor Supply Company Reduce -1.6% 1.44% −0.08
ARKG ARK Genomic Revolution ETF Sold out 0.00% −0.07
WMT Walmart Inc. Reduce -17.2% 3.34% −0.06
TROW T Rowe Price Group Inc. Sold out 0.00% −0.05
PYPL PayPal Holdings Inc. Reduce -20.9% 0.15% −0.05
MMYT Makemytrip Ltd. Sold out 0.00% −0.05
COR Cencora Inc. Sold out 0.00% −0.04
AJG Arthur J Gallagher & Co. Sold out 0.00% −0.04
CHTR Charter Communications Inc. Class A Sold out 0.00% −0.04
MO Altria Group Inc. Reduce -0.9% 0.71% −0.04
INTU Intuit Inc. Sold out 0.00% −0.03
FSS Federal Signal Corp. Sold out 0.00% −0.03
MARA Mara Holdings Inc. Sold out 0.00% −0.03
PTC PTC Inc. Sold out 0.00% −0.03
GAME Gamesquare Hldgs Inc. Sold out 0.00% −0.02
RSG Republic Services Inc. Reduce -21.9% 0.05% −0.01
SBUX Starbucks Corp. Reduce -13.5% 0.18% −0.01
F Ford Motor Co. Reduce -34.9% 0.03% −0.01
CVX Chevron Corp. Reduce -7.2% 0.05% −0.00
GLD SPDR Gold Shares Reduce -18.0% 1.08% +0.00
MFUT Cambria Chesapeake Pure TRND Reduce -3.0% 0.05% +0.01
TFPN Blueprint Chspk Ma Trend ETF Reduce -2.8% 0.07% +0.01
PM Philip Morris International Reduce -1.1% 0.26% +0.02
TSLA Tesla Inc. Reduce -0.6% 0.33% +0.03
ZM Zoom Communications Inc. Reduce -3.2% 0.34% +0.03
SPGI S&P Global Inc. Reduce -12.9% 2.63% +0.07
LLY Eli Lilly & Co. Reduce -0.5% 0.33% +0.12
IAU iShares Gold Trust Reduce -0.9% 0.69% +0.12
ABBV Abbvie Inc. Reduce -1.6% 2.63% +0.16
BKNG Booking Holdings Inc. Reduce -0.9% 3.09% +0.22
SHOP Shopify Inc. Class A Reduce -5.2% 2.19% +0.25
AMZN Amazon.com Inc. Reduce -0.4% 2.53% +0.33
TMO Thermo Fisher Scientific Inc. Reduce -1.6% 1.56% +0.35

Portfolio Buys Q3 2025 → Q4 2025
SNPS Synopsys Inc. Add +1477.8% 2.97% +2.79
META Meta Platforms Inc. Class A Add +193.1% 2.72% +1.78
PFE Pfizer Inc. Add +14.2% 1.07% +0.20
ISRG Intuitive Surgical Inc. Add +1.9% 0.56% +0.16
NVDA Nvidia Corp. Add +4.2% 1.29% +0.16
JNJ Johnson & Johnson Add +7.7% 0.56% +0.14
AMAT Applied Materials Inc. Add +74.8% 0.22% +0.13
CSCO Cisco Systems Inc. Add +17.3% 0.39% +0.12
PSX Phillips 66 Add +144.4% 0.17% +0.10
UNH Unitedhealth Group Inc. Add +5.4% 1.02% +0.10
MCD McDonald's Corp. Add +29.8% 0.32% +0.10
KO The Coca-Cola Co. Add +8.2% 0.47% +0.10
PG The Procter & Gamble Co. Add +84.1% 0.20% +0.09
BRK.B Berkshire Hathaway Inc. Class B Add +0.0% 1.05% +0.09
MSTR Strategy Inc. Add +179.2% 0.24% +0.08
ORCL Oracle Corp. Add +118.6% 0.16% +0.06
IBM Intl Business Machines Corp. Add +37.6% 0.15% +0.06
CLS Celestica Inc. New 0.05% +0.05
MA Mastercard Inc. Class A New 0.05% +0.05
BN Brookfield Corp. New 0.05% +0.05
FICO Fair Isaac Corp. Add +16.1% 0.16% +0.05
SO The Southern Co. New 0.05% +0.05
APP AppLovin Corp. Class A New 0.04% +0.04
EXPE Expedia Group Inc. New 0.04% +0.04
LOW Lowe's Cos Inc. New 0.04% +0.04
XOM Exxon Mobil Corp. Add +28.9% 0.12% +0.04
HD Home Depot Inc. Add +63.9% 0.12% +0.04
QCOM Qualcomm Inc. Add +56.2% 0.09% +0.04
ULS Ul Solutions Inc. Class A New 0.04% +0.04
VTR Ventas Inc. New 0.04% +0.04
THG Hanover Insurance Group Inc./ New 0.04% +0.04
VCIT Vanguard Int-Term Corporate Add +4.4% 0.29% +0.04
GL Globe Life Inc. New 0.04% +0.04
AVGO Broadcom Inc. Add +0.9% 0.22% +0.03
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +1.8% 0.31% +0.03
V Visa Inc. Class A Add +21.0% 0.08% +0.02
PANW Palo Alto Networks Inc. Add +33.9% 0.08% +0.02
MRK Merck & Co. Inc. Add +3.7% 0.06% +0.02
JPM JPMorgan Chase & Co. Add +12.6% 0.08% +0.02
DUK Duke Energy Corp. Add +0.9% 0.25% +0.01
ADI Analog Devices Inc. Add +4.6% 0.04% +0.01
CDNS Cadence Design SYS Inc. Add +27.2% 0.05% +0.01
IBIT iShares Bitcoin Trust ETF Add +20.3% 0.80% +0.01
DDOG Datadog Inc. Class A Add +4.7% 0.04% +0.00
ABT Abbott Laboratories Add +3.8% 0.05% +0.00
UBER Uber Technologies Inc. Add +9.8% 0.09% +0.00
NOW ServiceNow Inc. Add +9.4% 0.05% 0.00

Notes & Other Activity Q3 2025 → Q4 2025
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal Reduce -32.0% 1,147,000 $1.1M
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Sold out 1,000,000 $992Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 123$625.4MGOOGL, AMD, AAPL, TSM, MSFT
Q1 2026Amended 117$554.3MGOOGL, TSM, AAPL, AMD, MSFT
Q4 2025 128$562.2MGOOGL, AAPL, AMD, TSM, MSFT
Q3 2025 131$616.8MMSFT, ANET, GOOGL, TSM, AAPL
Q2 2025 133$559.5MTRS, MSFT, MELI, TSM, AAPL
Q1 2025 133$500.7MTRS, AAPL, MSFT, COST, WMT
Q4 2024 146$559.8MAAPL, TRS, MSFT, WMT, GOOGL
Q3 2024 156$499.2MAAPL, MSFT, WMT, COST, MELI
Q2 2024 145$465.2MMSFT, AAPL, COST, GOOGL, ADBE
Q1 2024 156$447.0MMSFT, AAPL, COST, WMT, ADBE